California Screamin'

   Unbearable!

   ✔ ... and unbelievable! Cal Toast? Here's the skinny:[link] 

What a mess! So now you know the truth, credit union mergers come with brass-knuckles, not kumbayah! 

Boards and CEO's are on a mission of me-first, more than member-first. The gloves have been taken off, the "faux cooperative purpose", now so in-artfully and embarrassingly exposed. 

✅ So how can one make chicken salad out of this chicken mess? God Only Knows!*

Imagine this! SAFE CU (remember them! [link]) steps in with a counter-offer to takeover Cal Coast CU, creating a statewide, California-based, California-led, California-focused powerhouse with @ $8 billion in assets, 450,000 members, 45 California branches, no overlap, no layoffs! California Dreamin'!*

To make it happen! SAFE in addition to merging, agrees to pay each and every Cal Coast member a "Welcome to the SAFE credit union" introductory bonus of $500 in cash! That's right, each Cal Coast member receives $500 bucks! Hey, let the Cal Coast members vote on it! Surf's up!*

SAFE would remain a strong, well-capitalized credit union (10.3+%!) with better rates and lower operating costs. No compliance or control issues! A statewide footprint. Don't Worry Baby!* 

And, if the new SAFE/Cal Coast Credit Union needs a sound, experienced, "no mess" leader to heard the chickens...  

Bring back Henry Wirz! - the most trusted credit union leader in California, who led SAFE CU for over 30+ years, with honor and integrity. I Get Around!*

😎  Now that really is a kumbayah moment, with good, good... Good Vibrations!* 

 Yeah!... Wouldn't It Be Nice!* 

*  California's favorite sons: The Beach Boys. 

Credit Union Mergers: "The Most Unkindest Cut Of All" And...

   

                   The Ultimate Betrayal.

✔ Life teaches some hard lessons about trust.  Lessons each of us has learned the hard way. 

We find through painful experience, that ideas, institutions, and people we hold dear often fail the test. Belief betrayed is rarely recovered. There is a fine line in our hearts, once crossed cannot... 

It's a really tough slog trying to convince credit union members that a massive betrayal of trust is underway in the credit union movement.That's normal because by definition betrayal always comes as a surprise to the unsuspecting.

Have aired several posts "The Godfather Mergers" [link], using the proposed merger between SAFE and BECU as an example [link] [link] [link], to try and demonstrate why many CU mergers don't appear to be in the financial best interests of member-owners. Clearly, at least, a merger is not the only choice... and is rarely the best choice for most members. [link]

Probably not making much progress on enlightening members, regulators and our political leaders on how severe the merger/conversion threat has become The venomous head of the merger snake hasn't fanged close to home for most... yet!

But hello, perhaps now it has! Take a look at what is happening with this other California merger - Cal Coast and SDCCU. So now you can see the raw, be-slimed underbelly of these "kumbayah, merger of equals"... lawsuits, feckless management, greed and self-interest, accusations of criminality, non-compliance, and breach of trust. [link]

😎 BTW, Mr. Todd Lane, CEO of Cal Coast, who appears to have his knickers around his knees in this saga, earned his credentials as CFO at Wescorp [link]... remember them? 

No surprise, Wescorp produced so many fine leaders for the credit union movement...

 ... yes, several real gems!